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Venture Capital › Investment Adviser › Private Funds

Cooley LLP

Are Secondaries and Fund of Funds Investments on the Horizon for Venture Capital Fund Managers?

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On July 22, 2025, two new bills – the Developing and Empowering Our Aspiring Leaders Act of 2025 (DEAL Act) and the Improving Capital Allocation for Newcomers Act of 2025 (ICAN Act)1 – advanced out of the US House Financial...more

DLA Piper

Private Fund Adviser Rules Vacated: Key Takeaways

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A three-judge panel of the US Court of Appeals for the Fifth Circuit unanimously vacated the US Securities and Exchange Commission (SEC)’s private fund adviser rules and amendments (Private Fund Rules), stating that “no part...more

Woodruff Sawyer

Regulatory Creep and Venture Capital Risk Management (and Introducing the Financial Services Notebook)

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Since the 2008 financial crisis, the SEC has made repeated encroachments into the private funds industry. Registered investment advisers (RIAs) have borne the heaviest regulatory burden: routine examinations, frequent...more

BCLP

California Imposes Sweeping Demographic Reporting Rule on Private Fund Sponsors

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On October 8, 2023, California Governor Gavin Newsom signed into law Senate Bill 54, Fair Investment Practices by Investment Advisers (“SB54”). The law requires that “covered entities” collect and report sensitive demographic...more

Cooley LLP

Facing the SEC’s New Rules for Venture Capital and Other Private Fund Advisers

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Just over a month ago, the Securities and Exchange Commission (SEC) adopted new rules for venture capital (VC) and other private fund advisers under the Investment Advisers Act of 1940 (Advisers Act). These new rules, which...more

Harris Beach Murtha PLLC

New Rules for Private Fund Advisers

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The United States Securities and Exchange Commission recently adopted sweeping changes to the regulatory regime that governs private investment funds – hedge funds and private equity funds. The Aug. 23, 2023, changes are the...more

Morrison & Foerster LLP

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

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As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Lowenstein Sandler LLP

AML Best Practices for Private Fund Managers: The Prudence of Establishing an AML Compliance Program

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I. Introduction- U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds),1 and their U.S. general partners, sponsors, and managers (Advisers), are not directly subject to the...more

Goodwin

Exempt Reporting Advisers Faced Significantly More SEC Enforcements in 2022

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The Securities and Exchange Commission (SEC) brought an unusually high number of enforcement actions against exempt reporting advisers in 2022 — that appears to be more than the prior three years combined and a record number...more

Fox Rothschild LLP

Fund Adviser Exemptions Primer– Redux

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I never find it boring to review the investment adviser exemptions for private fund managers. Apparently, I am not the only one since this is a question we frequently field. Initially, private fund manager investment...more

Troutman Pepper Locke

Relief! New Act Lifts Regulatory Burdens on SBICs

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Small Business Investment Company (SBIC) investment advisers will now have reduced registration requirements under the Investment Advisers Act of 1940 (Advisers Act), thanks to the recently enacted SBIC Advisers Relief Act....more

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